Financial success is not something you can achieve on your own and takes the right team to help you get there. As a wealth management firm, we find ourselves as the hub to our client’s financial team to make sure they are addressing all of the areas of their financial life. It is crucial to have a team and the right people in place to help you succeed.
There are key people that you should have as part of your team to assist your family. Here is an overview of the top professionals you should consider:
Wealth Manager/Financial Advisor
Make sure that your wealth manager is a fiduciary, required to act in your best interest, and not a salesperson. The right wealth manager will help you design and develop a financial plan that will allow you to review all areas of your financial circumstances. This will allow them to be the hub in order to make sure you address the areas you need to and coordinate with the other professionals you will need to consult.
Tax Advisor/CPA
You will need a good tax advisor in order to review financial decisions you make and the impact they will have on your tax situation. When making investments and business decisions it is important to know what the potential tax ramifications may be and review the positive or negative effect they may incur.
Risk Manager/Insurance Advisor
We tend to spend much of our effort on building and maintaining our financial assets and sometimes overlook the risks that may exist to our assets. It is extremely important to understand potential risks to your assets and how to mitigate those risks. Many times it is as simple as obtaining insurance coverage that will protect your assets from these risks. You certainly want a risk manager as a part of your team to review and help protect you from these inherent risks. You may ultimately decide to self-insure, but simply being aware of the potential and making an educated decision is key to your financial health.
Banking/Lending Professional
Having a banking/lending professional as part of your team is needed as well. Most people who have financial success will need a mortgage or some other banking product or assistance. It is vital to build a relationship with a bank early on, and the right relationship could make navigating the banking and lending component of your financial life much easier.
Certainly there are countless other professionals that you may need as part of your financial team. Depending on your personal financial situation there could be others needed as well, but these are the foundation. It is important that your team communicates and has a working relationship to make sure decisions are reviewed and discussed with you from a holistic view.
As a wealth management firm we find ourselves at the center of many of these conversations. We will typically coordinate with the client’s other team members to get their concerns addressed, determine a solution, and then communicate it back to the client in a concise and accurate manner. Building your financial team is not something that should be done overnight; it is too important. In order to move the process along, you must find that key member of your team to rely on and have them introduce you to others that may be a good fit for your personal situation. This is a great way to build your team with people you trust, have expertise, and you like working with.
Having financial success is not something that you will typically be able to do alone. It will take a team of professionals that are leaders in their field that work well with others in helping deliver the best outcomes for you. One member of the team will rise to a leadership role and become your go-to person to quarterback your needs. Typically with our clients, that is us. Contact Mitlin Financial at (844) 4-MITLIN x12 and schedule an appointment to discuss your financial plan and building your financial team today!
This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.
